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John, Lawyer
Category: Consumer Protection Law
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Experience:  Licensed and practicing attorney experienced in consumer protection law.
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I want to prepay my funeral expenses. Is it a good idea to

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I want to prepay my funeral expenses. Is it a good idea to prepay it to an escrow account held by the funeral home? Should I trust funeral homes?
Submitted: 3 years ago.
Category: Consumer Protection Law
Expert:  John replied 3 years ago.
Hi, My name is XXXXX XXXXX I’m happy to assist you with your question today.

Generally prepaid funerals require the buyer to take on more risk than is necessary. I believe the only reason to purchase them is if you do not believe survivors will honor your funeral wishes or if you have no survivors. There are risks of mismanagement or outright theft of your funds, and you risk the funeral home going out of business. With these risks it would be better to set aside the money in a federally insured money market account that earns modest interest and instruct your survivors that the money is designated for a funeral and what type of funeral you'd like.

I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation – simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers. Thank you, XXXXX XXXXX wish you all the best with this matter.

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